Insider Selling: First Busey (NASDAQ:BUSE) Director Sells 750 Shares of Stock

Key Points

• First Busey Director Michael David Cassens sold 750 shares on May 15 at an average price of $26.11, totaling about $19,582.50. The sale reduced his stake by just 0.53%, and it was executed under a pre-arranged Rule 10b5-1 plan.
• Cassens has made similar sales earlier this year, including 750 shares on April 15 and another 750 shares on February 17. After the latest transaction, he still owned 140,392 shares valued at roughly $3.67 million.
• First Busey recently reported stronger-than-expected quarterly results, with EPS of $0.67 beating estimates, and it also pays a quarterly dividend of $0.26 per share. Analysts currently have a Moderate Buy consensus rating with a price target around $27.50.

First Busey Corporation (NASDAQ:BUSE - Get Free Report) Director Michael David Cassens sold 750 shares of the stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $26.11, for a total transaction of $19,582.50. Following the transaction, the director owned 140,392 shares of the company's stock, valued at approximately $3,665,635.12. The trade was a 0.53% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Michael David Cassens also recently made the following trade(s):

• On Wednesday, April 15th, Michael David Cassens sold 750 shares of First Busey stock. The shares were sold at an average price of $26.75, for a total transaction of $20,062.50.
• On Tuesday, February 17th, Michael David Cassens sold 750 shares of First Busey stock. The shares were sold at an average price of $26.61, for a total transaction of $19,957.50.

First Busey Stock Performance

BUSE traded up $0.39 during trading on Monday, hitting $26.20. 544,450 shares of the company traded hands, compared to its average volume of 615,333. The firm has a market cap of $2.22 billion, a P/E ratio of 11.64 and a beta of 0.72. The stock's fifty day moving average is $25.77 and its 200 day moving average is $24.95. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.12. First Busey Corporation has a one year low of $21.41 and a one year high of $27.65.

First Busey (NASDAQ:BUSE - Get Free Report) last posted its quarterly earnings results on Tuesday, April 28th. The bank reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.10. The company had revenue of $197.17 million during the quarter, compared to analyst estimates of $197.15 million. First Busey had a net margin of 19.16% and a return on equity of 10.19%. As a group, equities analysts predict that First Busey Corporation will post 2.57 EPS for the current fiscal year.

First Busey Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 1st. Shareholders of record on Friday, April 24th were issued a dividend of $0.26 per share. The ex-dividend date of this dividend was Friday, April 24th. This represents a $1.04 annualized dividend and a yield of 4.0%. First Busey's dividend payout ratio is 46.22%.

Institutional Investors Weigh In On First Busey

A number of institutional investors and hedge funds have recently modified their holdings of the company. Royal Bank of Canada lifted its holdings in shares of First Busey by 13.1% in the first quarter. Royal Bank of Canada now owns 8,373 shares of the bank's stock worth $212,000 after buying an additional 971 shares in the last quarter. Rhino Investment Partners Inc lifted its holdings in shares of First Busey by 101.3% in the first quarter. Rhino Investment Partners Inc now owns 492,113 shares of the bank's stock worth $12,436,000 after buying an additional 247,589 shares in the last quarter. Empowered Funds LLC lifted its holdings in shares of First Busey by 16.0% in the first quarter. Empowered Funds LLC now owns 475,547 shares of the bank's stock worth $12,017,000 after buying an additional 65,745 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of First Busey by 453.5% in the first quarter. The Manufacturers Life Insurance Company now owns 233,061 shares of the bank's stock worth $5,889,000 after buying an additional 190,957 shares in the last quarter. Finally, Quantinno Capital Management LP lifted its holdings in shares of First Busey by 45.5% in the first quarter. Quantinno Capital Management LP now owns 142,447 shares of the bank's stock worth $3,600,000 after buying an additional 44,551 shares in the last quarter. 56.49% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

BUSE has been the topic of several recent research reports. Stephens upped their price objective on shares of First Busey from $27.00 to $28.00 and gave the company an "equal weight" rating in a report on Thursday, April 30th. Weiss Ratings raised shares of First Busey from a "buy (b-)" rating to a "buy (b)" rating in a report on Monday, May 11th. Piper Sandler upped their price objective on shares of First Busey from $29.00 to $30.00 and gave the company an "overweight" rating in a report on Thursday, April 30th. Finally, DA Davidson reaffirmed a "neutral" rating and set a $27.00 price objective on shares of First Busey in a report on Thursday, January 29th. Four equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, First Busey presently has a consensus rating of "Moderate Buy" and a consensus price target of $27.50.

First Busey Company Profile

First Busey NASDAQ: BUSE is a bank holding company headquartered in Champaign, Illinois, with roots tracing back to the founding of Busey Bank in 1868. As a regional financial institution, it offers a broad spectrum of banking services to individuals, small businesses, and corporations. Its core activities include commercial lending, deposit-taking, and cash management, which are tailored to meet the needs of local communities across its operating footprint.

In addition to traditional banking operations, First Busey provides wealth management and trust services through its subsidiary aimed at high-net-worth clients and fiduciary accounts.

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